TSX : AUE
AIM : AUE
TORONTO, May 7, 2013 /CNW/ - Aureus Mining Inc. (TSX: AUE / AIM: AUE) ("Aureus" or the "Company") is pleased to announce that it has placed an order for the ball mill for the New Liberty Gold Project ("New Liberty" or the "Project") in Liberia, which is the key plant item as described in its independent technical report dated 1 October 2012. The placement of this order is part of Aureus' strategy to source the longer-lead key plant items for the New Liberty process plant in sufficient time to facilitate the successful achievement of first gold in December 2014.
An order has been placed with NCP International Ltd ("NCP") for the supply, delivery and installation of a ball milling system, which is due for delivery in May 2014. The ball mill has a rating of 145t / hr and is capable of processing at a rate of up to 1.1Mtpa of ore. The civil foundations will have been completed by the time of delivery, ready for the erection and assembly of the mill and supporting equipment. The mill is a critical component in the commissioning process and pre-commissioning checks on the mill are scheduled to be carried out in October 2014, with first gold production on track for December 2014.
The other key plant items that will be ordered in Q2 2013 include the crushers, apron feeder, slurry pumps, spillage pumps, water pumps, carbon pumps, screens as well as the re-grind mill.
The procurement schedule for the ordering of key plant items is being driven by the DRA engineering team and the engineering activities for the overall plant construction are well progressed.
Commenting on the ordering of key plant items, David Reading, President and Chief Executive Officer of Aureus, said:
"We continue to make significant progress on the development and construction of New Liberty. The ordering of the ball mill is another critical step to ensure the timely and successful development of the Project. The placing of the mill order is an exciting step for Aureus, as the mill is the heart of our new process plant. We are pleased to be associated with NCP, which brings many years of milling experience to the Project.
"As a consequence of having all permits in place, key management personnel, an owner team assembled and project debt financing process in place, Aureus continues to de-risk the Project and is well placed to achieve first gold by December 2014."
About Aureus Mining Inc.
The Company's assets include the New Liberty gold deposit in Liberia (the "New Liberty Gold Project" or the "Project"), which has an estimated proven and probable reserve of 910,000 ounces of gold grading 3.3 g/t and an estimated measured and indicated mineral resource of 1,143,000 ounces of gold grading 3.6 g/t and an estimated inferred mineral resource of 593,000 ounces of gold grading 3.2 g/t. A feasibility study has been completed on the Project and construction has commenced with initial earthworks. The Project is expected to have an eight and a half year mine life and annual production of 120,000 ounces for the first five years of production. The Company has financed the Project's equity funding requirement and is in advanced discussions with interested parties to fund the balance.
The New Liberty Gold Project is located within the Bea Mountain mining licence, which covers 457 km² and has a 25 year, renewable, mineral development agreement. The Bea Mountain mining license also hosts the proximal gold targets of Ndablama, Gondoja and Weaju, which are the focus of exploration programs during 2013. The contiguous Archaen Gold exploration licence, which covers 89 km², is also a focus of exploration for 2013, with Leopard Rock being the main target.
The Company also has gold exploration permits in Cameroon.
This press release contains certain forward-looking information. All information, other than information regarding historical fact, that addresses activities, events or developments that Aureus Mining believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this press release includes, but may not be limited to, the future plans and objectives of Aureus Mining and their anticipated future growth, mineral resource estimates and the anticipated exploration and development activities of Aureus Mining. The foregoing and any other forward-looking information contained in this press release reflects the current expectations, assumptions or beliefs of Aureus Mining based on information currently available to Aureus Mining. With respect to the forward-looking information contained in this press release, Aureus Mining has made assumptions regarding, among other things: general business, economic and mining industry conditions; and it has also been assumed that no material adverse change in the price of precious and/or base metals occurs, no unusual geological or technical problems occur and no significant events occur outside of the normal course of Aureus Mining's respective business.
Such forward-looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including: risks normally incidental to exploration and development of mineral properties; uncertainties in the interpretation of results from drilling and test work; the possibility that future exploration, development or mining results will not be consistent with expectations; uncertainty of mineral resources estimates; adverse changes in precious and/or base metal prices; and future unforeseen liabilities and other factors including, but not limited to, those listed under "Risk Factors" in the Preliminary Prospectus of Aureus Mining Inc. dated April 20, 2011, a copy of which is available on SEDAR at www.sedar.com, and in the Aureus Mining Admission Document, a copy of which is available at www.aureus-mining.com.
Any mineral resource figures referred to in this press release are estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While Aureus Mining believes that the mineral resource estimates in respect of their respective properties are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such mineral resource estimates are inaccurate or are reduced in the future, this could have a material adverse impact on Aureus Mining, as applicable. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration.
Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, Aureus Mining disclaims any obligation to update or modify such forward-looking information, either as a result of new information, future events or for any other reason.
SOURCE: Aureus Mining Inc.
For further information:
Aureus Mining Inc.
David Reading / Jeremy Cave
Tel: +44(0) 20 7010 7690
Bobby Morse / Gordon Poole
Tel: +44 (0) 20 7466 5000
RBC Capital Markets (Nominated Adviser and Joint
Martin Eales / Richard Hughes
Tel: +44(0) 20 7653 4000
GMP Securities Europe LLP (Joint Broker)
Richard Greenfield / Alexandra Carse
Tel: +44(0) 20 7647 2800